In this episode, GRIP’s commissioning editor Jean Hurley spoke with Mitchell Hubble from Pathlight to discuss FCA Skilled Person Reviews under s166 of FSMA 2000. As a principal consultant in an approved firm on the FCA’s Skilled Person Panel covering client assets and safeguarding, governance, conduct of business, financial crime and prudential, Mitch is well-placed to bring a practical and unique insight on these types of regulatory reviews.

We spoke about:

• What a Skilled Person Review is and how is it used by the FCA.
• The role of a Skilled Person and how a firm is appointed.
• Skilled Person Review current trends.
• Client concerns when they are first contacted by the FCA and advice both prior to and during the Review.
• The rise of Consumer Duty as a major topic for Review and a discussion on “what does good look like?” and how do you know if it is “good enough”?
• Whether there will be more specific requests from the FCA around non-financial misconduct and other future areas of concern.
• Firms using AI and machine learning for compliance and regulatory reporting.

A transcript of this podcast is available here.